News
Release

New Jersey Department
of
Banking and InsuranceCommissioner Holly C. Bakke

For Immediate Release:
April 28, 2004

For Further Information::
Bill Heine - (609) 292-5064

Consumer alert!

Commissioner warns retailers about bill-paying service
Cashpoint Network Services to lose its New Jersey license

TRENTON - Banking and
Insurance Commissioner Holly C. Bakke today warned all retailers who provide
bill-paying services for their customers that New Jersey regulators are moving
to suspend the license of Cashpoint Network Services Inc.

"Our primary objective
is to protect consumers," Commissioner Bakke said. "Both retailers
and consumers alike should be aware that this company may no longer be able
to meet all of its obligations."

Cashpoint, headquartered
in New York, has been licensed in New Jersey as a money transmitter since March
2000. The company operates 112 outlets across the state in retail stores to
collect primarily utility payments from consumers, many of whom do not have
checking accounts.

Commissioner Bakke
also is urging those affected retailers to consider contacting their banks to
suspend Cashpoint's authorization to sweep funds from retailers' accounts. Utility
payment funds on hand may be transmitted to the utility using another money
transmitter or refunded to the customer, until Cashpoint resolves its issues.

Under New Jersey law,
the Department must first issue an Order seeking to suspend Cashpoint's license.
The company then has 10 days from receipt of that order to request a hearing.
The license remains in effect until the hearing or after the 10-day time period
expires. The Order, which also applies to Cashpoint's key shareholders, Samuel
and Bernie Brevdeh, was signed late Monday.

"It is important
for all consumers to understand that the suspension Order applies only to Cashpoint,"
Banking Director H. Robert Tillman said. "No other check cashers, money
transmitters or banks are included. Many other check cashers and money transmitters
are licensed in New Jersey."

Any consumer who has
made a payment through Cashpoint should keep the receipt for the payment. Any
consumer who is concerned about the payment should first contact the utility
company to confirm credit to the consumer's account. Anyone who is unable to
receive credit with the receipt of payment may file a claim with the Department's
Division of Banking Enforcement Bureau at (609) 292-7272, ext. 50240, or the
Consumer Services Bureau at (609) 292-7272. Consumers should be prepared to
submit name, address and telephone number; the location of the Cashpoint agent
used; the name of the payee (utility being paid), and a copy of the receipt
of payment.

The decision to suspend
Cashpoint's New Jersey license is based on suspensions in New York and Pennsylvania
and reports that Cashpoint has filed involuntary Chapter 7 bankruptcy in New
York. Therefore, Cashpoint no longer has the net worth to continue holding a
New Jersey license.